MICROCAPITAL BRIEF: Former JP Morgan Asset Management Chairman Unveils $40m Impact Investment Fund, Charioteer-Fund I, to Support Skill Development, Microenterprises in India

Krishnamurthy Vijayan, the former executive chairman of JP Morgan Asset Management India, a Mumbai-based subsidiary of international investment and commercial bank JP Morgan Chase, reportedly has created Charioteer Fund-I, an INR 2.5 billion (USD 40 million) impact investment fund that will seek to place with investments in 25 ventures. These investments will include bets on companies that support workers who earn the minimum wage with opening bank accounts and obtaining medical insurance and pensions [1]. Charioteer Fund-I is planned as a 5-year fund but may be extended for an additional five years. The fund is raising capital from a variety of unidentified individual investors and institutions. Mr Vijayan plans to announce its first lot of investments in October.

By Megan McGowan, Research Associate

About JP Morgan Chase:

Based in the US, JP Morgan is involved in investment banking, consumer financial services, small-business and commercial banking, financial transaction processing, asset management and private equity. In 2000, Chase Manhattan Bank acquired JP Morgan, making the company the investment arm of JP Morgan Chase. As of December 2012, the company reported total assets of USD 2.4 trillion, total deposits of USD 1.2 trillion, return on equity (ROE) of 11 percent and return on assets (ROA) of 0.94 percent.

Sources and Additional Resources:

[1] The Times of India: “Krishnamurthy Vijayan launches Charioteer Fund-I, the Rs 250-crore impact investment fund,” September 9, 2013, http://timesofindia.indiatimes.com/business/india-business/Krishnamurthy-Vijayan-launches-Charioteer-Fund-I-the-Rs-250-crore-impact-investment-fund/articleshow/22431145.cms

MicroCapital Story, “MICROCAPITAL BRIEF: Nine Indian Impact Investment Companies Forming “Indian Impact Investor Council””, May 25, 2013, https://www.microcapital.org/microcapital-brief-nine-indian-impact-investment-companies-forming-indian-impact-investor-council/

MicroCapital Story, “MICROFINANCE PAPER WRAP-UP: “Perspectives on Progress: The Impact Investor Survey,” March 19, 2013, https://www.microcapital.org/microfinance-paper-wrap-up-perspectives-on-progress-the-impact-investor-survey-by-yasemin-saltuk-published-by-jp-morgan-and-the-global-impact-investing-network-giin/

MicroCapital Story, “MICROCAPITAL BRIEF: “Principles for Investors in Inclusive Finance” (PIIF) Created as Separate Work Stream Within United Nations’ Principles for Responsible Investment (PRI); CGAP (Consultative Group to Assist the Poor), Global Impact Investing Network (GIIN) Standards Observed,” April 13, 2011, https://www.microcapital.org/microcapital-brief-“principles-for-investors-in-inclusive-finance”-piif-created-as-separate-work-stream-within-united-nations’-principles-for-responsible-investment-pri-c/

MicroCapital Universe Profile: JP Morgan Chase, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=J.P.+Morgan

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